You need to apply the effect directly to a layer for it to be seen in the interface. This is something that needs to be addressed in TP6, or in an update to TP5. A dropdown should be available in the interface to let you toggle which background layer you want to use, as this functionality is available in the Premiere Pro version, since you have to apply TP5 as a secondary video layer. Once the interface is up, you can now choose how you want to create your title. Do you want to use a template, or create from scratch. Templates can be found in the Library tab of the left side of the interface.
It's childish and I thought beneath them. Sadly, I will now be thinking less and less of apple because they are starting to do this crap all the time. I used to LOVE apple. I wouldn't have minded if you had called me a fan boy, even.
Not now. But alas, they have finally reached a size, like most companies, where they don't care.